Nandish ShahHDFC Securities
During the last week, Deepak Nitrite had given a breakout on the daily chart by closing above the crucial resistance of Rs 290 with higher volumes.
The primary trend of the stock is positive where it is trading near its all-time high level while the Nifty midcap and small-cap index have fallen by 18 percent and 32 percent, respectively, year-to-date (YTD).
Deepak Nitrite is also trading above its 20 and 200-day simple moving averages which indicates a bullish trend for the medium to long-term.
The stock price has been making higher-top-higher-bottom formation on the daily chart. Therefore, we recommend accumulating Deepak Nitrite in the range of Rs 275-284 for the upside target of Rs 310, and a stop loss placed below Rs 268.
Disclaimer: The author is a Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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